The annual price of inflation slowed to 1.9 per cent in November, Statistics Canada stated Tuesday.
The company cited a “broad-based” slowing in worth hikes, significantly on journey excursions and on mortgage prices, contributing to the cooling off.
That’s down from an inflation price of two per cent in October. On a month-to-month foundation, gasoline costs had been regular in November.
Costs in meals on the grocery retailer had been up 2.6 per cent yearly, additionally down a tick from October’s figures.
Black Friday gross sales additionally helped to drive costs down final month, significantly on mobile providers and furnishings. A month-to-month decline of 4.9 per cent in the price of kids’s clothes was the biggest ever on report for November, the company stated.
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Whereas rents had been greater yearly in provinces together with Ontario, Manitoba and Nova Scotia, StatCan stated {that a} cooldown within the mortgage curiosity price index helped to tame shelter inflation final month. Whereas mortgage curiosity prices are nonetheless rising, they’re not rising as a lot as they had been a yr in the past.
Mortgage prices and hire are nonetheless the 2 greatest contributors pushing inflation greater in Canada.
And whereas general inflation has cooled considerably over current years, price of residing stays elevated in Canada. In comparison with three years in the past, grocery costs are 19.6 per cent greater, whereas shelter prices are up 18.9 per cent over the identical interval, in response to the StatCan.
The November inflation information comes because the Canadian financial system struggles and the Financial institution of Canada trims its key rate of interest, seeking to stimulate development heading into 2025.
The Canadian greenback briefly dipped beneath 70 cents to its U.S. counterpart on Tuesday earlier than the inflation information was launched. That places stress on the price of imports from south of the border, usually affecting costs on autos and a few groceries.
Extra to come back…
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